Blockchain Industry: Current Market Analysis
Companies around the world have been developing solid applications using the Blockchain technology. The financial sectors including banks and other payment processing institutions have begun exploring ways to incorporate the technology into their systems to improve efficiency, security, and speed of transactions and information.
Other sectors that are adopting the use the revolutionizing technology are the medical industry, the legal industry, government institutions in managing vital data. The growth of the Blockchain technology in 2017 was the highest in the history of the digital assets since the internet. It was a year of explosive growth and the market experienced real breakthroughs in Blockchain technology applications across the sectors mentioned, among others. The cryptocurrency prices, led by bitcoin, were increasing; culminating in all-time highs at the end of 2017.
The skyrocketing prices have brought the global attention to the technology as institutions and companies around the world desire to tap into the benefits of the technology. Extreme high accuracy, proved security and the ability to verify information especially monetary transactions and secure online payments and money transfers are just but a few byproducts of the Blockchain revolution. It is not only the companies that have been reaping the benefits of this technology but also individuals have had a lot to gain as well.
Data from leading job sites in the United States show an increasing number of Blockchain related jobs. The jobs tripled in 2017 indicating that the industry is growing at a fast pace of about 207% from December 2016.
There is a considerable growth in Major Bitcoin and cryptocurrency trading exchanges showing that the global market has in the last one year been recording new user signups per day going beyond 10,000. Most cryptocurrency exchanges are struggling to keep up with the growing numbers. Some of these exchanges include Coinbase (GDAX), Binance, Bittrexx, Bitstamp, and Kraken. The growth is so high to the extent that some of these exchanges have ceased new member signups while others are upgrading their systems to handle the volumes. Exchanges like Coinbase, Bitstamp, Kraken, and Binance are valued to be worth more than $1 billion.
The Global Blockchain market is still growing and the numbers will continue to surge. The current systems are already overwhelmed. The market needs a platform that can handle thistype of data; a platform that is all in one where users can manage cryptocurrency accounts and access trading from one central digital asset application. The market requires a platform that has features such as digital asset exchange, peer-to-peer lending, cloud mining, biometric authentication as well debit card transactions from all over the world. All these features need to be accessible on an application that can withstand the global Blockchain market growth.
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